Mubasher: The net profit of Noor Financial Investment decreased by 67.4% in 2019 to stand at KWD 8.07 million (approx. $26.52 million), compared to KWD 24.8 million (around $81.53 million) a year earlier. 

Earnings per share (EPS) amounted to 20.24 fils by 2019 year-end from 61.97 fils, according to a stock exchange filing on Sunday.

In the fourth quarter of 2019, the investment firm logged KWD 2.24 million worth of profits, down by 86.2% from KWD 16.27 million in the corresponding period in 2018.

The drop in last year’s profits is due to the exceptional gains the company recorded in 2018 from debt settlement with lenders, which was not applicable in 2019.

Furthermore, the board of directors recommended distributing a cash dividend of KWD 2.41 million to shareholders for 2019, representing 6% of the share’s nominal value.

It is worth mentioning that during the period from January to September 2019, Noor Financial registered profit worth KWD 5.83 million, 31.9% lower than KWD 8.56 million in the same period in 2018.